Champaign, Illinois, United States, July 2nd, 2024, Chainwire
SendBlocks, a trailblazer in blockchain data management, announced its emergence from stealth mode today with an impressive $8.2 million in seed funding. This round was led by Polychain Capital, with participation from institutional investors such as Pitango, Illuminate Financial, Laser Digital (Nomura), Starkware, and key ecosystem leaders.
SendBlocks simplifies access to blockchain data through a customizable platform that allows blockchain enterprises, ecosystems, protocols, and applications to specify the data they need. The platform then efficiently sifts through the blockchain to retrieve this information, significantly reducing the resources required for data management.
“As high-throughput blockchains become more prevalent, new use cases for blockchain applications are emerging thanks to improved usability and lower transaction costs,” said Itay Shrem, Co-founder and CEO of SendBlocks. “Our goal is to enable any developer to access the blockchain data they need without the need for a large data team or high costs.”
Clients such as Bancor and SphereX have already reaped the benefits of SendBlocks’ innovative solutions, experiencing streamlined operations and cost savings. With the rise of high-throughput blockchains, SendBlocks is poised to become the leading platform for blockchain data management.
Challenges in Web3 Data Management
In traditional web2 development, backend engineers directly build and access databases. However, in the blockchain ecosystem, the blockchain itself serves as the backend, accessed via RPC (Remote Procedure Call) calls, presenting two main challenges:
- Flexibility: Diverse applications built on blockchains have varying data requirements, leading organizations to spend significant time and money developing in-house data management solutions.
- Scale: Accessing detailed blockchain data requires complex indexers to continuously query the blockchain. These services struggle with performance issues on high-throughput blockchains, which process large volumes of transactions quickly.
“The challenge is similar to when Taylor Swift tickets go on sale, and TicketMaster must handle millions of simultaneous requests,” explained Shrem. “The technological demands of data management in high-throughput blockchains are akin to always supporting peak demand.”
The SendBlocks Solution
“We believe starting out in web3 shouldn’t necessitate an extensive data team, and infrastructure costs should align with the application’s user base rather than the blockchain’s throughput,” said Michael Kellner, Co-founder and CTO. “Simply scaling the blockchain isn’t enough; the entire stack must be scalable.”
SendBlocks’ innovative approach consolidates the traditional indexer/RPC process into a single, user-friendly platform, significantly reducing backend and indexing efforts for blockchain developers while maintaining flexibility and robustness.
Early clients have already benefited from use cases such as flexible historical data access and fully personalized notifications. SendBlocks helps developers save billions of API queries, resulting in leaner data teams and faster time-to-market.
“Current data management solutions and indexers don’t support fast blockchains well,” added Shrem. “We’re building with scale and ease in mind to enhance ecosystem engagement and retention.”
Investment and Future Plans
“SendBlocks enables enterprises, ecosystems, and protocols to save tens of thousands of dollars per month in development costs and reduce time-to-market from months to weeks,” said Sean Judge, General Manager of Castle Island Ventures. “Itay and Michael’s backgrounds in cybersecurity and cryptography make them the ideal team to revolutionize blockchain data management.”
With the new funding, SendBlocks plans to expand its R&D team to support current and future clients and scale its marketing and sales efforts to attract top protocols and ecosystems.
Shrem and Kellner lead a team of nine, with backgrounds from notable web2 enterprises like Microsoft and AWS, as well as web3 organizations such as Bancor and Algorand. Kellner holds a Masters in post-quantum cryptography, and Shrem specializes in network coding and security.
About SendBlocks
SendBlocks is a pioneering blockchain data management startup that streamlines access to blockchain data through a customizable platform. With $8.2 million in seed funding led by Polychain Capital, SendBlocks addresses the challenges of data flexibility and scalability in high-throughput blockchains, enabling enterprises, ecosystems, and applications to efficiently access the data they need.
👉Explore AI-powered Automated Trading Today! Register for a free trial now!
✅Read about the automated trading software on Investing.com
